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  FOX Business    Markets Now    News/Business.  
   Business news. New.  

    August 16, 2013
    11:00 - 1:01pm EDT  

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>> he took a shot. he took one shot. he got hit until the guys in the corner, star of the car. connell: i paid for that fight. that's at least it around. quoting the great market philosopher, mike tyson. speaking of the market's bear watching today, for the next move after that more than 200. sell-off, the ten year treasury yield hitting its highest level in two years. we are also living in a new report of revealing the national security agency has breaking privacy rules and overstepping the boundaries. not every now and again, but thousands of times every year. and it once belonged to the fashion mobile, a mansion in miami said to have the auction block after being initially listed for 125 million. we will show it to you. behind the scenes of the hbo hit casting my, how one woman
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catapulted the likes of john void and glenn close in the hollywood elite. that and a lot more coming up here on this friday. ♪ dagen: adjusted give over charles talking about you knocking out mike tyson. connell: i could take him, i and might. dagen: you could not command if you were driving a car. connell: i'm waiting furred these market philosophies. the first time i ever heard that dagen: reset below this market more than yesterday. again, back-to-back triple digit declines. down more than 300 poised to start the day, but a little bit better. nicole petallides is at the new york stock exchange. >> reporter: things are improving. is there was a tough day. a turnaround in the dow above 18 points. the week is a losing week.
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right now the dow jones industrials, 15,128. amigos' last friday we were around 15,004. ddc that we have had a tough week this week. obviously concerns about the fed tapering. interest rates running up. the ten year is just over two and three-quarters. some mixed housing data as well. all of these things come into play as far as we have been seeing. gold jumping $6. that's moving to the upside. some the best performers on the dow jones industrials include hewlett-packard, home depot, bolling, bank of america. it is heavily traded. once that. connell: we will stick with the market. a couple more minutes with our first guest today. just thinking everyone is to calm down after a sell-off yesterday. there's a reason to panic. brian jacobson, chief portfolio strategist adjoins the -- wells
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fargo joins us. real little bit of what he has been writing. a couple of things on the surface to seems like he is absolutely out of his mind. now, why is the downside limited in the markets and your view right now? >> well, the reason why the downside is limited is because we actually still have an accommodative federal reserve, but most aboard me because the fundamentals, the earnings per share of businesses is actually continuing to improve, so we have some fundamental support for these financial markets. connell: we are going to talk specifically about some of them now. a crazy story about china today which we will get to, but another part of the world you highlighted. half joking saying that you may some assertions in recent comments that on the surface sound crazy. one of them is about d.c. our politics, but the other is that there are good opportunities in
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europe. it's difficult to say after what we've been through, but is now finally the time. there are good opportunities in europe. >> well, for many decades, the 70's and 80's germany was called the sick man of europe and now it's just looks like all of europe is pretty sick. what i am looking at, the actual financial markets. as opposed to the economy because the two can move in different directions, purely from a valuation perspective i think that there are some good up virginities and you're out, especially to look at the big european companies that are strong brand names that export a lot to the emerging markets. they might be someone on sale right now. connell: the second thing, the economy can often be separated from the we see, the second thing had to do with politics. he said this could be politics in general, positive for the markets. we spend our time doing so many separate -- segments about have d.c. will hurt us.
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why might the political landscape actually be something that helps is mmrked ys. >> i almost had to double check my riding when i was the key but that. politics could be a positive. the reason is because we are approaching a midterm election in 2014, so we have a number of milestones approaching very quickly as the budget's stock continuing revolution, the debt ceiling that i think could be a good opportunities for some of the perhaps front runners for whoever is running for reelection in 2014 to come up with actual coherent plans further lowering the indebtedness of the united states, improving the tax code, fixing entitlement programs. this could be a good up originally for politicians to get a platform for actual real reforms. of think it would give anything then. we will be led 2014, the midterm election to be it said the referendum as to which plan which proposals we as a people want to follow.
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connell: good disclaimer. schering as with all this talk of coherent plans. brian jacobson from milwaukee. the s&p 51663. the target is 1640. thank you for coming down. so the nsa story, breaking privacy rules dozens of times every year. a lot of attention today comes from an internal audit obtained by the "washington post". dagen: former deputy assistant secretary of defense and fox news the legal analyst. and lost all credibility, but where do we go from here? >> i don't believe anything they say any more. hardly a day goes by without yet another revelation. at this point we don't trust anything they say. they have shown that they are not abiding by their oversight regulations either with congress or the courts. there's a time for a special commission take former
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intelligence people, for congressional leaders, former lawyers and give everyone the same room and say, what are the safeguards that we have in place? what are we collecting and wire recollecting it? what is the ability to all people accountable? the thing now is that there are all these excuses. we did not know we were doing it. it was a mistake. someone needs to be held accountable. hold them accountable, make an example lot of them because otherwise this abuse is going to continue. we now know one thing for sure. they have the ability to collect the stuff. will they use that and abuse that? we have no guarantees. connell: if it goes through, what you're suggesting, the so commission process, that leads to whenever these two, there could be some unintended consequences. is there a possibility that we may be less safe at the end of that the we are now? >> i'm a conservative. i'll have any problem was simply collecting these check records to backtrack and create networks
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of terrorist groups using cell phone records. what i have a problem with is that we have seen now in this administration, it is not just this demonstration but in the administration has the ability to abuse that power, whether it is the irs joy after conservative groups, the fbi wiretaping reporters. we now have the ability. we cannot simply assume that they will not abuse it. dagen: how much harder is it to police an institution that by its very creation and nature is supposed to be secrets? given the we know about what has been released, has their ability to do the job at hand been permanently compromised? >> we are in a world where you have a balance. security versus privacy, and it is not just privacy. you talking to your husband about the grocery list. as the privacy of the government taking the information and using it for political and. in such think we have now seen that we cannot --
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dagen: most of these securities snafus or unintended. >> please. i understand the incompetence theory, but of their unintended, what were they doing building a facility in utah that will hold every bit of digital information ? dagen: legs it goes were wrong. >> supposed to be monitoring phone calls in egypt. connell: but talk about fat fingers. the market went nuts because of somebody's apparent big trade. some 6% to a second. i could almost imagine someone, maybe not you, but someone like you coming back after some sort of a tanker and sank them here we go, just because we let something slip that would have known about if we were spying on
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people. >> we are collecting so much data. so many people on the no-fly list, so many things and we're watching that if everything is priority, nothing is a priority. many to sifter and figure out what the priority is to buy we guarantee we're getting in the nation. dagen: great to see you. thank you so much. i knew morning for coffee drinkers, a grave warning, delete. connell: that so we need on a friday. dagen: we don't really care. i really don't care if i'm going to die early because of
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told you i'd get half. what's in your walle dagen: before you raise for your next couple of coffee might want to listen to this, drinking too much can kill you. there is new research that the 61st data was published in the mayo clinic proceedings finds that many and then 55 years of age should drink more than 28 cups of coffee per week or 56 percent more likely to have died from any cause. %-full dearest and other women. so what does this mean? is a lot of research this is coffee is good for you. drinking it is not harmful and this is not make a connection like coffee increases your risk. this just a few drink a lot of coffee my wind up dead. connell: selective with the data, as we always are. dagen: the connection between
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bill use and drinking coffee. connell: will just read the positive studies. we will just pretend this did happen and keep drinking coffee. this thing on the shanghai composite market over in china. maybe a little of decaffeinated is selfish to take a look what happened. it trading error on the exchange does a 53 percent swing in volume in just a matter of minutes. his mistakes of the index surged from down 1% of almost 6%. the largest intraday gain since march of 2009. something might be wrong, and it was. links to ever write securities. we have had issues like this here in the united states. our own flesh crash back in two dozen ten. dagen: we'll just referencing and because elected show that. him a legitimate job. pandora looking very attractive.
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>> reporter: i remember all of that. tom glad we don't have that today on wall street. less talk about pandora, hitting in annual high. positive comments. they raised them to a buy from initial. pandora jumping almost seven and a half%, heading in annual high of $21.50 per share. the run-up over the last year, but basically they upgraded the stock. they like the growth that they have been seeing. of course mobile ad revenue is huge. they're talking about local advertisers becoming comfortable with the on-line idea. it takes time for people to get used to technology. disliking the idea of how people are becoming more used to doing things online. this is why they're seeing the stock doing well.year-to-date i.
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hitting in annualized today. dagen: thank you. connell: so, versace, is former mansion could be yours if you have 40 million hanging around. it has come down. dagen: to you want to own a mansion where he was shot dead on the front steps? that is what you get if you buy that. created quite a stir in hollywood. the are talking about looking at the history made by the people who selected stars for film. they do so with almost no recognition. >> you notice something even see but yourself. >> i was completely unknown to the film world. that was it. dagen: and coming up, the story of casting director marion daugherty and others, have this documentary could force the academy to give an oscar for casting director.
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it is possible if we get people talking about good enough. more ahead. ♪ make it happen with the all-new fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you start using active trader pro today.
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>> at 21 minutes past the hour, and lorne greene with your fox business minute. seventeen people the been killed in egypt in what is being called a day of rage.
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tens of thousands of supporters of the ousted president had taken to the streets. more than 600 people have been killed this week, and thousands more injured. to be indicted on monday for premeditated murder in the shooting death of his girlfriend the double amputee olympian is expected to go on trial in 2014 and faces a life sentence with a minimum of 25 years if convicted . he shot his girlfriend by mistake thinking she was a nighttime intruder. thousands of fans gathered a graceland last night marking a 36 anniversary of his death. the fans holding vigil walk slowly to the meditation garden. fans of his music and movies come every year for a weeklong celebration of his life. and those are your news headlines on the fox business network. i'm laurin green. back to accommodate. dagen: thank you. connell: now on to this versace mansion up for sale.
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the same residence where the fashion designer was murdered back in 1997. in this house was once listed for $1,205,000,000. dagen: it might go for a lot less. standing on ocean drive in front of the famous and infamous mansion in miami, florida, south beach. >> reporter: hello. everything about this story is rich. you have to be super race to get into the auction next month to buy this property. all of the decor and amenities inside this really piece of art. and the location is equally rich, right across the sand dune the beach. the password is i've got money. loads of it. $25 million is the starting date for next month's public auction of the glamorous and historic for such a mansion in south beach. >> this property is one of the most iconic properties worldwide
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it is a real-estate melissa. >> reporter: and art is everywhere. this is the master suite bedroom with the beyond king size bed and opulent outpost. designed this ten bedroom house for himself and his famous friends like elton john and madonna. this is far room which features the only bathtub. despite the ocean drive address demand side, a sense of seclusion. 54 feet long pull, thousand imported mosaic tiles, including 24 carry golden light. outside, nonstop taurus sticking photos. the mansion is in the mess we're in 97 serial killer andrew can in and shot and killed versace on the front steps. >> with all the interest targeting for people that have high egos and a lot of money, the sky's the limit. >> reporter: speaking of the sky, on the roof not only do you
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get a commanding view of all of south beach, you also have your own private observatory to look at the real stars over the sky because all of the celebrity stars have come down here with the years. sixteen years since versace died. you have to have $3 million put down as a deposit in equity to get into the september 17th auction. you also have to prove to the auction house you have $40 million in capital ready to go. they expect the auction will probably last about an hour. estrich, the fragility agreement, but have -- about a half-dozen to a dozen very wealthy people you would know are interested in living right here in south beach. connell: we'll see how high that bidding goes. good stuff. very good. dagen: the only problem is that neighborhood is actually really cheesy now i'm out. it is like living on bourbon street.
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it's not all that. connell: 30, 35 million, but not 40. dagen: and not paying a hundred million plus. wayne rogers, maybe you would. spent his career investing in real estate. there's one thing he says is keeping this country from becoming like detroit. what is the? we will tell you. connell: before we get to that, here are some of their winners today in the market on the s&p 500. ♪
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connell: at the half hour, here is what we still have coming up for you. wayne rogers is here. we will get to wayne.
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then we take you behind the scenes on casting on hbo. then we take you to the country's premier auto auction. a ferrari backend apparently fetch close to $7 million. cheryl: it is for an auger before me. connell: i do not think i needed that comparison. dagen: yes, i am into cars. nicole: that is all they needed. this one is pertaining to the nsa leaker who is over there a
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broad. snowed and worked from 2009 until earlier this year. they are not talking about this. in the meantime, we have karl icahn in court. the story is so intertwined. dagen: detroit's fiscal crisis. it is just the beginning. potentially facing similar circumstances. there is one difference between us and the city. what is it? connell: wayne rogers is here to tell us, i hope.
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>> they do what is going on right now. they buy $85 billion a month. there is no way out. in california, the city, we have a number of municipalities. there will be some states that are fiscally going to fry. they cannot print money. they will have to file for bankruptcy. the united states obligations are like future payment to social security recipients. if congress had the will, they could fix a large part of that. >> no. how would they go about fixing that?
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you could reduce social security benefits. congress does not have the guts to do that. you cannot find anyone who is willing to cut anything. dagen: we can always raise revenue. they can always hike gas taxes. >> there is only so much blood out there. there will possibly be some states. connell: the possibility of new york that have come up. that is not one of the ones you
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are worried about. >> no. the citizens, the private citizens, took charge. they prepaid their real estate taxes. that got them over that area of when it could have happened. they have leaders in the city who are willing to take part in it. that is the only way it can happen. look, in jefferson county, alabama, the city of birmingham, they locks of the mayor. he went to jail. there are people stealing and committing fraud and doing all of those things.
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sooner or later, the people will row b on that note -- >> i hope it is a cheese pool. if i am a bondholder, for example, and i get substituted out and i will not get my money, people will get angry about that. connell: here we are. >> the best is being able to print money. connell: one of the premier auto shows in the country. dagen is kind of into this. dagen: use the french accent. connell: we will be there live.
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beautiful cars and antiques. ridiculous prices. dagen: it is like working for the got. big money bats put on actors. it really changed cinema as we know it. >> there was something about her that was quite wonderful. dagen: the story about marianne doherty. could have forced them to offer an oscar forecasting? stay tuned. ♪ [ male announcer] surprise -- you're having triplets. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission.
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it just missed the estimate. meanwhile, second-quarter productivity came in at an annualized rate of nine tenths of a percent. that is the latest from the fox business network. giving you the power to prosper. ♪ [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. and launch your dreams. a quarter million tweeters is beare tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big.
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hp moonshot. it's time to build a better enterprise. together. join us at projectluna.com >> do you know who marianne already is? well, maybe not. how about midnight cowboy, lethal weapon, did you do know her work.
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it led to some of the most iconic work in film in the history. the director of the movie tom donohue is with us. good to see you. was it your idea? you originally worked as an assessment assistant to marianne doherty. >> we had originally worked on staff up together.
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we were on a conference call. somebody should do something about it. we had lunch and made a movie. there you go. dagen: you can both talk about this. finding a great subject and subject matter. that is great. did you do it in pieces? did you do initial investors and then have to raise more money down the road? >> i did a big interview with marianne in 2007. we started a company in 2010. steve gave us the additional initial capital. dagen: how hard is it to raise money from those investors?
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do you have to really sell them on making the film about this subject? >> the film sells itself. we did about 50 interviews. some amazing people that we were able to get on camera to interview. after that, it was sort of able to sell itself. >> glenn close was the first big name. dagen: did it snowball?
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how these actors were prepared. it also includes other casting director tours. >> we always knew that the story would ultimately be about marianne. >> in the stories, these casting directors were so compelling. this is about the profession of casting. it is not just about marianne. 240 interviews. dagen: it really is. i am a marshmallow. it is very emotional. you realize how the roles were created on film. what if this did not happen.
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>> tom and i, we have seen it hundreds of times. we still get emotional. dagen: do you think that they will ultimately have an oscar? >> we will see. for 30 years, casting directors or members of the academy. just days before, they agreed to start a branch specifically for casting directors. that really is the first step. dagen: marianne passed away about two years ago. i encourage everyone to watch it. >> we are going to have a theatrical release as well.
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you should check out facebook and twitter. we will keep you posted. dagen: it will make you rethink every film and tv series that you have ever seen, i think. watch it on demand. have at it. >> thank you. connell: back to the markets now with stocks on track for the second straight losing week. the big selloff today. we are bouncing back a little bit. what about gold? jonathan joins us from the new york stock exchange. >> k, connell. happy friday. the market had a fantastic run over the last couple of months. we have seen the turndown.
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the risk is coming out of the equities area. gold was trading at significantly higher levels. we got down to the lows here about a couple weeks ago. investors have been waiting to get back into this trade here. we have seen gold move significantly over the last few months. this type of trade we have seen time and time again. connell: thanks to jonathan at the exchange. we have to get to this. car storage that we talked about a little while ago. the auto show in pebble beach. look at these cars. you will want to hear this story from adam shapiro. up close and personal next. ♪ take theseags to room 12 please. [ garth ] bjors small busiss earns double miles
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dagen: concorde. the premier auto show in the country. they are unveiling their latest mega machines. connell: this is a great story. >> gooding and company founder joins me right now. ten years ago, his first auction at pebble beach. last year $113 million. anywhere from nine to
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$11 million. congratulations on your sale. >> it is just as squares it. one of the most beautiful cars ever created. there was one very similar to this that was discovered in the 1980s. >> i want to show people something not quite as expensive. this shelby cobra. cars like this are projecting your sales forward. why this car? >> this is the car that really
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started the reputation. this was built for a guy named tom payne. they called him gentlemen tom payne. he liked to race in a coat and tie. it is no reserve. connell: i know we are celebrating the 50th anniversary of the 9/11. why is this car something that a collector would want to spend potentially a million dollars on. >> beautiful, gorgeous, classic design. this is really what helped build the porsche brand. they are beautiful to drive. great looking. >> we have already shown everyone the nine-$11 million
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ferrari. why is this a multibillion-dollar car? >> just look at it. it is gorgeous. just beautiful. long lines. they are great looking. >> these car indexes, the investment return on these kinds of cars is far greater than the money if you put it in on the dow. >> these cars have been gold. they have been leading the way. there is just an international demand. people love using, driving these cars. there is a wide international market for them. >> david gooding, we congratulate you. let's see if you can break 113 million this year. they set some records last year.
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i bet you they will be breaking some records. dagen: what is the record for a ferrari? >> this is a great question. do you hold that record? >> actually, we do hold the record, but it was not last year. 16.4 million. >> it is incredible. dagen: i remember that car. it is not one of those sleazy 1981. connell: thank you. dagen: adam, thank you so much for that. robert luna joined cheryl asked our. connell: stay tuned for that. robert faces off against scott
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martin. the semi finals. choosing the best stock picker. hopefully making some money along the way. keep it here on markets now. ♪ you know throughout history,
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if your bank doesn't think you're special anymore, you need an ally. ally bank. your money needs an ally. maxwell come back to markets now. don't blame ben bernanke end of that. robert luna, investors looking for an excuse to get out and this is it right now. robert is going to fix off-again scott martin as we begin the final round of the fox business all star showdown, to choose the best stock picker and hopefully make you a little money along the way as the conference continues. a judge prevents the company from exiting bankruptcy for now. we have the fallout and analysis
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where the merger with u.s. air with his stance at this moment. before you for your next cup of coffee, research that a cup of joe could kill you. really. very upsetting for someone like me who has three cops of coffee. stocks every 15 minutes, let's bring in nicole petallides on the floor of the stock exchange and after the big sell-off not a big move to the upside, why so negative down there? >> a week and hold pattern, the dollar is stronger, the markets basically hovering around the unchanged line, ahead of the weekend, dow jones industrials up 7 points, the s&p 500 up fractionally so that is the environment we are in and look at the big picture and the big picture is we are down to the second straight week in a row. this week's losses are the
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largest we have seen in two months as far as weekly moves and in the ems we have that are winners, financial doing well land bank of america, and gold stocks outperformed this week 7 teams have been on the move to the upside despite the fact that this is the losing week, we are watching scenes with earnings and upgrades and the big stories including blackberry. cheryl: we would have had a much better week. we will see you 13 minutes from now. yesterday's sell-off was blamed on the paper mr. king from the fed but is the fed being wrongly blamed for the loss we had last night. join me is scott martin of united advisers and robert whig and the. you said the fed is just a scapegoat here. >> absolutely. when you are looking at the price of the market where we are
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trading the market by no means, the s&p 500 is not cheap especially if we have a continuation of the bad earnings we have seen the detail end the burning season people will start looking at their portfolio and i think it is really prudent to pull back on some of those positions. when you have the excuse of the fed is very convenient but the market is not cheap. cheryl: what do you make of that, of which trying to grab whatever reason we can and a lot of someones their taking money off of the table and taking some profit. >> most likely. the reason we are grabbing for reasons is there is no other reason to own anything but stocks. bonds have been crushed, commodities a complete waste plant for the last couple years. with rates so low, just a few months ago you had to buy stocks but to robert's point we get into a position where things are starting to look a little better
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outside of stocks besides relative valuations, that is fixed income, commodities, also equities the suffering because money is looking for other places to go. cheryl: we will get your kicks later on for the showdown but one thing you said was about the bond market and fixed-income, bonds have been crushed and the other bad day for the market, we have seen this big flight out of equities but we have not seen everybody flock to bonds. if they're going to a cash market right now? >> they are going to commodities. if you look at the big three of gold, silver and copper those have bounced in the last month. your point about treasuries is well taken. i would rather buy paris hilton's new music album than treasuries but eventually, that is funny but eventually the treasury will look good. i don't know if that is 3% on a
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10 year or 3 and a quarter but looking at the treasury at that level it might look more appetizing. cheryl: you a paris hilton fell in? >> i think i would go with the treasury's. cheryl: y? >> i agree with scott. treasuries are still a wasted the. would you knew will see next year 3.5, three.six% so right now to jump back into treasuries is all little too soon and back to your point i don't think cash is a bad position. i am under the believe that global equities will be the best place for the next two to three years but during that time there will be some sell-off. if you see some pullback, that is the time to allocate that capital but if you are all in here and don't have tried powder for these pullbacks you will get hurt, so cash, 10% to 15%.
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cheryl: what we have seen looking at this survey from two weeks ago told us one in four americans say they don't want to be in the stock market with the bond market or real-estate, they are completely in cash. there is the fear out there, blamed the fed for what happened at the same time, it is five years later and we have not forgotten the financial crisis, we're talking about lehman going bankrupt. are we wrong to be afraid at this point? >> i think it is good to be conscious of what happened and realize like robert said there are reasons to have cash, but one in four americans have not wanted to be in this market and they missed a big bump but like nickel let off, we got these pullbacks and seen these before and we saw the in june and, folks or investors who didn't get in missed a chance to get
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stocks cheapside don't think that will change anytime soon. cheryl: your narrow zone, talk about the real-estate market, almost ground zero. do you think americans are going more for alternative investments, i don't trust the bond market. >> prospective client portfolios, people coming into our office in arizona lot of the retirees like you are talking about in a position where they need to drive-in come from portfolio cash will not do that. and global macro or some type of oil and gas, they are sitting in cash, a little allocation of the market, still in some bonds but they are paralyzed. what they have seen over the last decade they are frightened and don't know what to do, looking for good vice and people
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like scott and myself are here to guide them through these office, you have to be a little bit nimble. you can to be all in. difficult market. cheryl: to both of you, i follow where jobs are being created, financial services, people wanted vice, they can watch the business network for is that. this isn't it for you. scott roberts, you are both coming back for us later in the show, we will be battling it out, kicking off round ii of the fox business all-star showdown, semifinal round, see you both a little bit. something else we are following, american airlines, exit from bankruptcy for the company has been delayed, bankrupt the judge cited concerns over the government's antitrust lawsuit against the merger with u.s. airways ordering the beleaguered airline to set up a new bankruptcy plan by august 23rd.
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joining us is airline analyst, i was curious what you thought when the suit came down earlier this week, probably not surprised. does this affect the merger. they are telling us by the end of the year. i don't know. >> the judge had to act that way because of the uncertainty regarding the possible merger. the airlines will fight vigorously. i think they have a case and see if they can make it but for the business viewpoint i believe the decision was very bad. i don't want to see two giant airlines competing with two smaller carriers had to survive long-term. cheryl: talking jetblue and southwest? >> they are united in bell and they will slowly strangled u.s. airways and american and to
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counteract that if you go it alone, have to take the risky course of expanding rapidly which will be risky for them and risky for the industry as capacity for into the market. cheryl: the doj and lawsuits against the companies filed earlier this week you said the opposite, actually used phrases, documentation and e-mails from doug parker at u.s. airways, basically point out the stock the we can survive separately but we will be much better together and the doj saying operate separately, don't consolidate. is there any point when again they are using his executives's words against them? >> they should have been more careful with their words. american and u.s. airways are making money. american has done a commendable job in bankruptcy restructuring and in the short term there is no danger but over the long term delta and united will put
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pressure on them for the business traveler, frequent flyer and squeeze out of many markets and become marginal players. cheryl: what about smaller names? what are the concerns, this could be fair, they will have some routes that will be canceled between american and usair they have a thousand of the same exact route. we assume we will see capacity. we hope they won't but you got to say it is probably going to happen. >> those thousands routes are connecting routes. they should have considered that. there are very few direct routes between the two carriers and too many hubs. marginal hubs, cost airlines money, smaller hubs and conditional hubs would have been eliminated, the justice department was right on fat but there would have been a stronger carrier by rationalizing route systems in combination.
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plus southwest, more than enough for the consumer and for smaller marginal markets you get very aggressive airlines expanding in those markets for the economy minded customer such as spirit. cheryl: of all the things they did point out the most interesting was that they were going after american and usair wastes when they had already confirmed delta, northwest, confirmed united, continental and they can't stand on a leg that says this is a problem when other mergers were not. we shall see. they say by the end of the year the mergers will be completed. thank you. video game manufacturers battling back against sales declines and sony getting a boost in its internet delivered video plan from a very unlikely source. viacom.
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as we go to break take a look at the energy markets, oil is unchanged but remember we have been seeing brent and w p i building up because of concerns about egypt and keep a close eye as these contacts trade today. we will be right back. right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to gr. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together.
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cheryl: not regaining the points we lost to yesterday, profittaking but no one is in a buying mood, verizon is dragging us down a little bit. just to remind you, to put things in context of a little bit with the sell-off, things can be considered a happy sell-off for happy correction, look at the last month, we are down but look at year to date for the dow, in particular look at this, the last 8 months we had strong months, august we may be down but over the year's perspective you got to continue to look at that overall whenever urging the down day but it was not fun especially for nicole petallides on the new york stock exchange because there was no reason to buy stocks and last night. more bad news coming in.
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no breaks. nicole: we had a mixed bag, tough numbers. let's take a look at the home builders, this is a group that is doing pretty well. sitting right on the unchanged line, pulte group of 3.6%, and leonard up 2%, the group is volatile and headline driven, we got in some housing numbers, housing starts and where they see the strength is in the multi apartment units and multi family homes where you are seeing a strength, not necessarily in single-family homes. was the extent that is problematic, single-family homes are more telling about the economy and the future of the economy so it is a mixed bag, the last three months have been decent so you see the group overall do pretty well, higher mortgage rates play a part and that puts a little bit of caution to the group because of higher wage rates. cheryl: they will be going
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higher after what we saw with stocks and everything and bonds. thank you very much. of trading errors that happened overnight on china's shanghai exchange causing a 53% swing in volume in a matter of minutes. it shows how it surged from 1% to a gain of 6%, the largest injured they gain for the shanghai since march of 2009. the error was linked to everbright securities. it was a mistake. mistakes happen. remember this in 2010, the flash crash? that is basically what happened overseas in china. video game sales falling for the month of july. according to npd group sales dropped 19% from the same time last year to $443 million. hardware sales not much better. analysts blamed the drop on consumers waiting for the release of next-generation x box
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and placed asian game consoles. look at video game stocks where the story throws you around the electronic arts, microsoft, sony are all up but today a little bit, all of these names for the most part when it comes to video games and hardware have a pretty rough go of it this year. the pay-tv business being mobbed by new companies eager to grab a slice of pie and sony may have gotten a big boost. sony is working on an internet video service to rival cable and reached a preliminary agreement with viacom to carry the media company's cable network, sony plans to stream traditional live tv channels, video-on-demand content to the play station as well as tv by the end of the year. the media landscape continues to change. sony and viacom continue to be in a big dispute with time warner cable.
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the finals of the all-star showdown coming up. this is round 1 of round 2. take lincoln national, it was up 14% over the time we tracked it. scott martin barely got a win during his week, the biggest performer discretionary, only 0.8%. he will have to bring his a game. going head to head, now beginning today round 2 of the fox business all-star showdown. take a look at currencies are around the world. we will be right back. with the spark miles card from capital one, bjorn earns unlimited rewas r his small business take theseags to room 12 please.
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>> reuters reporting 50 people killed in egypt in what is being called a day of rage as tens of thousands of supporters of president mohamed morsi take to the street, 600 have been killed this weekend thousands more injured. crews getting the upper hand on the wild fires in utah. and remain in place for 110
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homes. fire officials revised down the number of homes lost to the 2,000 acre blaze in park city, and 7 of the region reported 14. you heard of snakes on a plane, what about-and a locker room? tampa bay's joe madden brought the python in to the clubhouse for the game with seattle, he has a history of doing things like this that keep that kind of loose. the raise won 7-1. i am norm green and those a your headlines. whatever. cheryl: thank you very much. another nsa bombshell. washington post report claiming top-secret agency has broken privacy rules thousands of times and new information leaked by ed snowden alleges nsa operatives routinely mask the level.
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and traveling with the president joined the from martha's vineyard. what is the white house saying about all this today? >> referring questions to the national security agency which says these are mistakes and may seem to be a large number of them is a small percentage of phone calls and e-mails the agency tracks. the information contained in a 2012 audit that ed snowden leaked to the washington post and won nsa official said, quote, when nsa makes a mistake carrying out for an intelligence mission the agency reports the issue internally and federal overseers and aggressively gets to the bottom of it. still the audit indicates the nsa decided not to tell its oversight staff about some mistake in data collection and that casts doubt on the president's assertion the nsa's vast abilities are not being used. >> what you are not reading about is the government actually abusing these programs. listening in on people's phone
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calls or inappropriately reading people's e-mails, what you are hearing about is the prospect that these could be abused. >> one of those involve tracking phone calls from washington d.c. when an analyst put in area code 202 instead of 20 which is the international code for egypt. cheryl: didn't the president say surveillance is approved by a separate court? >> he did but a separate story indicates the ability to fact check the ennis a request is limited. can't always catch the state's. and after interviewing the chief judge of the court. >> querying of the database of american's telephone and internet records involve thousands of violations in a year's time and the court
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reasonably is saying it has limitations on the extent to which it can police that and that checked the government's claims. >> the president suggested one way to improve the process is to the civil liberties advocate on the court to challenge the nsa's request. cheryl: traveling to the president, taking elegance and racing cars to the streets. who else but adam shapiro, live at the country's premier auto event, going to join us at the top portion executive. check it out. and semifinals of stock-picking all-star showdown, a lot on the line. take a listen. >> scott martin, chief market strategist of the united advisers. it would be an absolute freeze to meet robbers luna in round 2 of the all-star showdown with i am so confident my picks will be
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robert's i will be two chicago style deep dish pizzas and even deliver them myself. see you soon. >> this is robert luna, congratulations and making it this far but time to send you home on the fox business all-star show down. 5 is i will send you a dozen smiley's from phoenix, arizona. let (announcer) scottrade knows our clients trade
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the break below 400 probably will she was back to 700. and this is going in the right direction. above the $500 mark. green mountain coffee roasters will be going into what one of the nasdaq indices which is a big deal on august 22nd. blackberry command to talk about blackberry. the ceo, over 55 million if blackberry is sold. in jet blue is been looking good. and pandora, new highs there as goldman gives pandora by. cheryl: like that as well. thank you very much. the iconic porsche 911 is celebrating its 50th anniversary, but the company is not resting nice laurels. adam shapiro is in pebble beach, california. what is next with a premier german luxury sports car maker racer?
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>> reporter: that is an accurate way to put it. this is a 1967 porsche nine on one, the 911 s. this car first introduced in the sale of 50 years ago, has not really changed in design for 50 years. yet porsche is known as the iconic racing brand for people who are not actually race car drivers. joining us now with the head of porsche sales worldwide global marketing and sales chief to discuss that 91150 year history. where katie does from here, and it's a pleasure have you on fox business exclusively. fox business said 50 percent of the u.s. market. china your second largest, germany the third. where is the next growth market as mimic these beautiful vehicles? >> first of all, i think that there is still of potential. we are seeing new customers for new products, new segments. we are currently at home in 126
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markets all around the world and currently america is the biggest markets in the market followed by china and then by germany. >> reporter: let's take a look at these cars. this car is essentially looks like it did with modifications to the technology, but is the same guy that was being produced in 63. >> a lot of changes. every time we bring in a new version me tell people this been the best on the we have never built. and the same is true for the seventh generation which is now on display a couple of months. it comes down to our brand value one of our brand value is on the one great tradition and on the other hand it's generation. to close that gap this is combined in the core of our
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brand. >> reporter: the people speak in the people seem to speak. this car entry level for the $90,000, and yet sales tons in the be slowing down. why is it important for katie to be here at the concord, the premier event world by? >> we are celebrating the 50 year anniversary all around the world. moscow, china, several countries. and now pebble beach is the event, the pinnacle of the events we can use for a celebration like this. >> reporter: will thank you for joining us on fox business markets now. of throw it back to you, cheryl. i want to let you know again, as we talk about porsche, near the entry level, 80, $90,000. cheryl: oh, sure. tim change. great car. a lot of fun. well, talk about money growing in value, dealers and collectors are gathering at the world fair of money convention in rosemont,
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illinois to view a billion dollars worth of historic coins and paper money. jeff flock is there. what you seeing? >> i have breaking news for you, something and did not expect to see. we hear so much about the decline in the price of gold. mike, walk along because i want to show you a line that people are in. they have been lining up for hours. this stretches all the way around the arena. people wanting to buy physical gold. take a look at the price. we talk so much about it. just because the price goes down does not dampen the demand for the physical metal. what is it that these people are in line for at this moment? >> they are in line for a new manned product. it is a reverse proved american buffalo gold coin. it's 1 ounce. it's pure gold. and the mint has been very
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creative. people a bit in line for five hours with this product or become much as the selling for? >> 1690, but there were selling it for 1640 earlier this week. people want to make sure that of raise the price again. >> reporter: in this demand for physical will is something that runs counter to what we're hearing about the price of gold. mining stocks are down. it does not matter. these folks want physical. >> it's like a pet shop. but the puppy near hand. it's a beautiful coin. gorgeous, great presentation of their listening to customers. >> reporter: what else you have? >> $5 indian gold pieces. and this going was struck from 1908 until 1929. it's about a quarter ounce of gold. these coins are very collectible and enjoyable. >> reporter: i just saw a guy who has signed, and it said, will pay you $150 more than you just bought your corn for so it
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is nafta stand in line. the demand for physical gold really to me is someone shocking, but it's out there. this is what is happening in the real world. cheryl: but the puppy in your hand. just like in the past store. thank you very much. well, the showdown. two men entered. only one of them is done robert luna versus scott martin. plus, there will duke it out with two new stock picks each after the break. ♪ [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪
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common side effects include skin redness or irritation where applied, increased d blood cell count, headache, diarrhea, vomiting, and increase in psa. ask your docr about the only underarm low t treatment, axiron. ♪ >> reporter: and tracy burns with your fox business brief. general motors is recalling nearly 293,000 cars due to a defect that can cause a loss of the brakes act assists function in some models. the problems affecting 2011-12 model years. it is aware of 27 low-speed crashes, but no reported injuries. it will cut the fuel economy rating and a every day to people who bought or leased one. the move follows an eta investigation that triggered a broader review of the mileage claimed for gas and electric hybrid vehicles. ford said it will lower the
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estimate to 43 miles from 49. aol says it will cut a substantial number of jobs at its local use -- local news unit. as the latest from the fox business network, giving you the power prosper. ♪ right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together.
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♪ cheryl: check it out. it is time for round two of our fox business all-star showdown. every friday we have been putting two stock pickers in the ring with two picks each. we track them for one month to see his picks performed best. four players have been cut. at this point we are kicking off our semifinals. scott martin at united advisers and a fox business contributor
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is here, robert luna is back. each with two new picks, they are not exactly stock picks. i just saw the list. robert, will start with you. the only stock we have is free. >> reporter: and -- free. >> reporter: iran. this is your brand new pick. are you going for it? >> i like freeport. one of the things that has me said it is the huge amount of insider buying coming in of the last month to month and a half. technically the stock looks to be bottoming, and if you look at the relative strength of the market of the past two weeks of scene that coming from the minors and from energy. with them getting into the energy business in january this will be a stock that to as well of the next month and year. cheryl: it's interesting. was looking at the copper contract commanded actually your today down 7%. last month it up. is that one of the reasons your making display? >> absolutely.
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it's all about timing. this has been a stock has underperformed, is down year today, it will be part of a catch. everything is going in the favre freeport mcmoran. cheryl: now to scott how there. your first one is to be -- tbs. a short, 20 year treasury etf about 10% in the last year. why? >> up big this week. it's kind of like we discussed before the main interest rates really scare me. this is inverse to the 10-year treasury. what is important about this is you can make money while bonds go down. when rates go up, bond prices go down. this will take advantage of what i consider to be a helium balloon which is interest rates. refillable and with helium and you can push it down have let the fed does with rates, but eventually it goes back up. rates are heading of putting pressure on the market.
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this is a way to get vantage. cheryl: you might have a good point. you both have a month to play these out. let's get to the your next pick. this is interesting. the vanguard all world excluding u.s. you have something against the u.s. say? >> i just think there is a point where there is value outside of the shores of the u.s. right now if you took it that you have twice the dividend yield of overseeing. is trading in another 15 to 20% discount. so year to date it significantly lagging, and globalization right now, i don't think there should be that much of a difference in value between the s&p 500 in this index. and looking for that to converge , and it will be part of my catching up trade. this is something that has lacked. that is where the value is. cheryl: a big piece of this one is europe. we just got news that they are
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in a recession. is that why you like it? >> absolutely. as one of the places right now, about 20 percent of this. europe is just not coming out of recession. if you look at the last couple weeks of the market, this week in particular the s&p 500 is down, this will be a continuation of the trend we have been seeing. cheryl: for ever talking to a currency guy who was telling is the exact same thing. your last pick, a.m. l.p. this is basically energy and commodities. you really are going all commodity and me. >> sam. i think that's where the money can be made of a the next few months as the market sorts itself out. it's an etf that if you think about energy infrastructure, processing, storage, transportation tomorrow and energy, are some others in the complex.
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typically about 5% the tax treatment of some of those dividends as well. i want to give our best take on the one because the commodity side of it. i'm curious if you like us to settle. >> i can say anything too negative about it. none of think it's wrong to be quite as sensitive. some of these are just some of the pipelines. in a courteous as much juice as you would. a plan to win. that's why i came. cheryl: you can to win, but if you lose, you are delivering tamales from where in phoenix? >> the number one rated tamales are now. local business, we like supporting local business here. there the best around. cheryl: and taking you to man wells. you when i have to have a serious discussion. you're going for gino's, not giordano's, but gino's. both the
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local favorite, so you kind of kid both of you guys have been here are not. i think it's a great meal, and i may even deliver them myself. i won't even make and ship mind. he has to come deliver this to me. cheryl: when it comes to whether, you are into opposite cities complete. this is going to be good. you have a month. you will see what happens. again, i want to let our viewers look at what you're picking. freeport mcmoran up against scouts picks of the 20-year treasury. and already a master limited partnership all right. next week we have the other two remaining players to compete with a brand new pick. he will duke it out with all of proportion. that is next friday in the fox business all-star showdown.
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some said. stocks now. jonathan, marine equity partner. so we are ending the week,-week. what about next week? >> is the tale of two cities. elected the week that we head this week, robust calendar of economic data. next week not so much. we wanted some pretty good numbers. wednesday, thursday, friday. existing home sales on wednesday . waiting to see it as an the correlation to their common to tapering. they will bisect the information as we of seen before, that is very particular are what they say in how they say it. i would not expect too much coming out of washington on the afternoon. cheryl: gold and silver on track for big weekly gains.
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the pits of the cme and phil flynn. >> is still looking while the bullish. short-covering like crazy despite the fact of the dollar is at a session high, gold continues. there's a lot of talk about the physical demand of this market, a lot of talk about the possibility of supply were you'll be able to get your reins on it because of a drop in production. right now they have everything going their way into a very uncertain weekend. a new way to track. cheryl: that's coming up in the west coast minute. with the spark cash card from capital one... boris earns unlimited rewards for his small business. can i get the smith contract, se? thank you. that's three new paper shredders. [ boris ] put 'em on my spark card. [ garth ] boris' small business earns 2% cash back
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♪ cheryl: time for your westcoast minute. california just offer the biggest municipal bond sale of the year. this is a sign that the golden state may be finally on the right fiscal track. said to raise the assessment of the state which is no longer the lowest rated u.s. state. word to pay the state of hawaii millions of dollars in back taxes. this is a victory for all ie which filed suit against nine companies including orbitz and expedia. but the state is still appealing for more. the attorney general saying the $25 million judgment is only a piece of the total. and in oregon, only can you -- not only can you eat crayfish, new technology will allow you to find out who caught the fish and where. it's called the face track market play. with a scam of the foot county
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in see a picture of the captain and vessel and location of where the catch came from. that is a west coast minute. if your coffee addict, and i am, listen to this. before you reach for that next up, there is a new addition to research that says that coffee is healthy for your brain in your heart, but this is not so positive. it can kill you according to a new 16 year steady published in the mayo clinic proceedings. many handwritten 55 the trick one in 28 cups of coffee per week for 66 more likely to have died from any cause, just anything. i guess is the coffee. women in that a jury's had to fold greater risk of dying and other women. maybe switch to tea. add to listen to these. very distracted today. coming up in the next hour, and will be quite a shell. you have tracy burns and lori rothman. of even know what to say about this.
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will a sour look like? , a little scared. what are you to doing? there will look at the markets, talking about tampering. the be talking about wine because of three of us love wine. anyway, all segment on wine and all kinds of other goodies. come on up. what's going on? ♪ i've been doing a few things for a while that i really love-- tdd#: 1-800-345-2550
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the unbelievable sloppiness chinese zealand what it could really be saying about that nation's troubled economy. is that ally in oregon? a safe haven rally. lori: bill on track for the best week in a month. tracy: to science in egypt as the muslim brothers calls for a march of millions. 600 people dead. it will have a live report from the region. it is craziness, but top of the hour, time for stocks as we do every 15 minutes. we head down to the floor of the new york stock exchange. stocks inching lower. >> reporter: back-and-forth action, one thing is clear. this has been a very tough week on wall street. let's start off well we are seeing right now. the dow jones industrials are down about 21 points at the moment, not too far off lows of the day. about 20 points off lows of the day. that is something worth watching a t